Description
SEBI adjudication order against GoldenPi Securities and its directors for violations of Stock Brokers Regulations and PFUTP Regulations during inspection period November 2022 to June 2024.
Summary
SEBI has issued an adjudication order against GoldenPi Securities Private Limited (stock broker registration INZ000310732) and five directors for violations during inspection period November 9, 2022 to June 30, 2024. The company operates as a SEBI-registered stock broker and Online Bond Platform Provider (OBPP) on BSE and NSE.
Key Points
- GoldenPi Securities Private Limited violated Stock Brokers Regulations and PFUTP Regulations
- Five directors also named as noticees: Samir Baran Pratihar, Abhijit Roy, Vishal Sharma, Sai Prasad, and Naveen Subbarao
- Company holds OBPP approval from BSE (April 19, 2023) and NSE (May 2, 2023)
- Inspection covered compliance with OBPP regulatory framework and various SEBI regulations
- Show Cause Notice issued on March 6, 2025
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action for existing regulation violations.
Compliance Requirements
- Stock brokers must comply with Stock Brokers Regulations, 1992
- Online Bond Platform Providers must adhere to OBPP regulatory framework
- Directors are jointly liable for company’s regulatory compliance
- Compliance with SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003
Important Dates
- Inspection period: November 9, 2022 to June 30, 2024
- Inspection findings communicated: October 24, 2024
- Company replies: November 21, 22, 26, 2024
- Adjudication proceedings approved: December 18, 2024
- Adjudicating Officer appointed: February 10, 2025
- Show Cause Notice issued: March 6, 2025
Impact Assessment
This enforcement action demonstrates SEBI’s focus on ensuring compliance by stock brokers operating as Online Bond Platform Providers. The involvement of multiple directors indicates serious compliance failures that could affect investor confidence in the platform’s operations.
Impact Justification
Regulatory enforcement action against stock broker and OBPP for compliance violations